Düsseldorf

Leipzig Frankfurt

COMPANY PRESENTATION

www.aroundtown.de

Andrew Wallis

Deputy CEO of Aroundtown

Since 2014 in the management of Aroundtown and its subsidiaries.

Former owner and CEO of a large German property management company.

Previously he spent 10 years as an investment banker in the city of London for

Merrill Lynch and JP Morgan.

MBA and a CFA. AROUNDTOWN A REAL ESTATE COMPANY ESTABLISHED IN 2004

 We focus on central locations in top tier cities primarily in /Netherlands

 We invest in income generating quality properties which have high reversionary rent and value-add potential

 We maintain best-in-class financial ratios and credit rating

 We offer strong shareholder value creation with significant growth potential

2 Berlin

3 COMPANY SNAPSHOT H1 2018 ANNUALIZED

€0.25 8.6% €0.38 3.3% yield1) EPRA Vacancy 1) Dividend €559m €379m 5% yield per share FFO I per share Adjusted FFO I EBITDA

€9.5bn €8.2bn 350 BBB+ EPRA NAV Market cap1) employees S&P rating incl. perpetual Ranked in the 88th percentile globally, Outperformer in all categories Best practice reporting (Environment, Social and Governance) received in received in August 2017 September 2017

Main indices MDAX FTSE EPRA/NAREIT STOXX Europe 600 GPR 250

4

1) based on a share price of €7.6 SNAPSHOT

Residential Commercial Portfolio Portfolio through GCP

COMMERCIAL PORTFOLIO JUN 2018

€11.9bn 5.5m sqm €587m €455m €313m 8.9% €9.5 /sqm 7.4 years Investment Properties Area Net Rent1) Adjusted EBITDA2) FFO I2) EPRA Vacancy In-place rent WALT

1) June 2018 annualized 2) 1-6/2018 annualized

RESIDENTIAL PORTFOLIO JUN 2018 38.6% (The table below presents GCP at 100%) (July 18)

5.45m €5.8 BBB+ €6.9bn €4.0bn 85k €353m €273m €198m 7.5% ~900 Investment sqm Adjusted Market Cap2) Units Net Rent1) FFO I2) EPRA Vacancy /sqm Baa1 Employees Properties Area EBITDA2) In-place rent S&P/Moody’s

1) June 2018 annualized 2) 1-6/2018 annualized 2) based on a share price of €24 3) www.grandcityproperties.com 5 AROUNDTOWN’S COMPETITIVE ADVANTAGE MAKES IT WELL POSITIONED FOR THE LONG-TERM

BBB+by S&P Aroundtown is the highest rated At 17%, Frankfurt is the second largest Berlin is the single largest position commercial real estate company office portfolio location, with the with a fifth of the portfolio, of which in Germany with a long-term largest asset signing a AAA tenant 90% are in top tier central locations target to reach A- long-term lease Constituent of key benchmark Total like-for-like rent of €11.9 bn and industry indices commercial portfolio +4.6% MDAX (2.5% LFL in-place rent and 2.1% LFL occupancy) market cap of €8.2bn, largest listed as of June 2018 STOXX Europe 600 commercial real estate company in Germany FTSE EPRA Index Series

Significantly outperforming all key benchmark indices (total return June 2018 LTM) Reinforced capital structure • Debt maturity 7.4 years Ranked in the 88th percentile globally, • Cost of debt 1.7% Outperformer in all categories • Unencumbered assets ratio at 71%, (Environment, Social and Governance) over €8.5bn in value • Strong ICR of 4.7x EPRA BPR Gold award • LTV of 37% received in Sept 20176 ESG – STRONG COMMITMENT TO SUSTAINABILITY

In 2018, Aroundtown issued its first annual sustainability report, for the year 2017, demonstrating the Company’s commitment to sustainability and can be found on its website aroundtown.de/sustainability. The report is aimed at the Group’s investors, tenants, employees, business partners and other stakeholders.

ESG Development - Sustainalytics Score

AT is highly ranked amongst the international real estate sector and was ranked Outperformer in all sub-factors

Aroundtown received the Overall score EPRA BPR Gold award in August 2017 September 2017, the highest standard for 88th Percentile financial reporting AT is ranked #35 among 280 real estate peers

Environment 83rd percentile Outperformer

Social 93rd percentile Outperformer 7 Governance 79th percentile Outperformer Frankfurt

8 FINANCIAL HIGHLIGHTS: ADJUSTED EBITDA (€ M) Adjusted EBITDA

Hannover

Aroundtown adjusted EBITDA reconciliation Commercial Adj. EBITDA = €455m GCP Adj. EBITDA* €273m X 38% = €104m €559m * GCP’s adj. EBITDA is based on H1 2018 annualized figures

Rotterdam Bad Reichenhall

9 FINANCIAL HIGHLIGHTS: FFO I (€ M) FFO I

H1 2018 annualized Aroundtown FFO I reconciliation Commercial FFO I = €313m GCP FFO I after perpetual* €171m X 38% = €66m

* GCP’s FFO I after perpetual notes is based on H1 2018 annualized figures €379m

FFO I per share (€) Dividend per share (€)

Dividend policy at 65% of FFO I per share

FFO I yield of 5% and dividend yield of 3.3% (based on H1 2018 annualized and share price of €7.6) 10 FINANCIAL HIGHLIGHTS AS OF JUN 2018 (€ M)

Total Equity

Net profit annual development Net profit YoY development

11 FINANCIAL HIGHLIGHTS AS OF JUN 2018 (€ M)

EPRA NAV (€ M) Jun 2018 Dec 2017 € million Per share € million Per share NAV per the financial statements 8,548.2 7,249.9 Equity attributable to perpetual notes (1,563.9) (1,173.3) investors NAV excluding perpetual notes 6,984.3 6,076.6 Effect of in-the-money convertible bonds 253.3 293.8 Fair value of derivative financial instruments1) 74.8 10.4 Deferred tax liabilities2) 915.8 776.5 NAV 8,228.2 €7.4 7,157.3 €7.1 Non-controlling interests (287.2) (674.3) EPRA NAV 7,941.0 €7.2 6,483.0 €6.5 Equity attributable to perpetual notes 1,563.9 1,173.3 investors EPRA NAV including perpetual notes 9,504.9 €8.6 7,656.3 €7.6 Basic amount of shares, including in-the- EPRA NAV per share (€) 1,109.5 1,004.5 money dilution effects (in millions)

1) Including hedge reserves and balances in assets held for sale 2) including balances in assets held for sale

EPRA NAV EPRA NAV EPRA NAV including NNNAV perpetual notes in € million unless otherwise indicated Jun 2018 8,228.2 7,941.0 9,504.9 7,754.8 Jun 2018 per share (in €) 7.4 7.2 8.6 7.0 Per share growth +4% +14%* +13% +13% Dec 2017 7,157.3 6,483.0 7,656.3 6,243.1 12 Dec 2017 per share (in €) 7.1 6.5 7.6 6.2 * dividend adjusted (11% net of dividend paid) TOTAL ASSETS In € million Jun 2018 Dec 2017 Investment property 11,884 9,804 Equity-accounted investees, in publicly traded company – 1,690 1,610 holding in GCP SA 1) Equity-accounted investees, other 300 296 Non-current assets 14,831 12,247 Assets held for sale2) 379 501 Cash and liquid assets3) 1,244 849 Current assets 2,084 1,523

Total Assets 16,915 13,770 1) the fair market value of GCP SA as of June 2018 is €1.43 billion and €1.54 billion as of August 28, 2018 2) excluding cash and liquid assets held for sale 3) including cash and liquid assets held for sale Commercial Investment Property (€ bn) Total Assets (€ bn)

High cash and liquid assets balances enable Aroundtown to pursue 13 attractive acquisitions and/or repay expensive debt Munich

14 GROWTH AND CORPORATE DEVELOPMENT

Total Annual Net Investments in Properties - Cherry picking attractive investments (in €bn)

Aroundtown*

Capital Markets Activities (in €bn)

Aroundtown* Grand City Properties Largest listed European RE issuer in 2016 and 2017, strong momentum continued in 2018 year-to-date

15

* excluding GCP BEST IN CLASS FINANCIAL RATIOS

unencumbered assets BBB+by S&P 71% LTV 37% Aroundtown is the highest-rated commercial real estate company Well below board limit of 45% in Germany with a long-term €8.5 bn of assets 35% assuming conversion of deep in-the- target to reach A- Well above policy of 50% money convertible bonds

Average debt maturity Cost of Debt ICR 4.7x 7.4 years with no significant maturities 1.7% until 2021

16 CONSERVATIVE CAPITAL STRUCTURE Financing sources mix

Debt maturity profile – proactive debt management

Hedging ratio

Loan-to-Value Strong Cover Ratios (H1 2018) Unencumbered assets

17 * assuming conversion of convertible bonds which are deep in the money. After the reporting date another €133 million of convertible bonds have been converted BEST IN CLASS FINANCIAL RATIOS AMONG PEERS HIGHEST RATED IN GERMAN COMMERCIAL REAL ESTATE

Financial risk profile Aroundtown’s financial policy: 1 2 3 4 5 6 Strive to achieve A- global rating in the Minimal Modest Intermediate Significant Aggre High ssive Leveraged long term

1 aaa/ aa a+/a a- bbb bbb-/bb+ Excellent aa+ LTV limit at 45% (Aroundtown) (Vonovia- BBB+)* 2 aa/ (DW) a+/a bb+ bb Strong aa- A- BBB+ (GCP) BBB (Klepierre) (Icade) (Gecina) (FDR) Debt to debt-plus-equity ratio at 45% (or lower) on sustainable basis 3 Satisfac a/a- bbb+ BBB/BBB- BBB-/bb+ bb b+ Maintaining conservative financial ratios with a tory (Alstria) strong ICR 4 bbb/ bbb- bb+ bb bb- b Fair bbb- Unencumbered assets above 50% of total 5 assets bb+ bb+ bb bb- b+ b/b- Weak

Businessrisk profile 6 bb- bb- bb- b+ b b- Long debt maturity profile Vulnerable

*rating anchor of Vonovia is BBB, the final rating, after the effect of modifiers is BBB+ Good mix of long term unsecured bonds & non-recourse loans ‘BBB+’ Investment Grade from S&P Support convertible bond holders to convert into equity

Dividend of 65% of FFO I per share

18 Cologne Dortmund

Cologne

Duisburg

Düsseldorf Düsseldorf Düsseldorf

NRW

Essen

Düsseldorf Düsseldorf

19 TOP TIER GERMAN/NL CITIES (JUN 2018)

* Others includes, Brussels, Rome, Vienna, Bremen, , Kassel and others 20 TOP TIER CITIES – CENTRAL QUALITY LOCATIONS JUN 2018 (BY VALUE) Asset Type Breakdown

accounting for 38% holding in GCP Residential geographical breakdown Commercial geographical breakdown

21 TOP TIER CITIES – CENTRAL QUALITY LOCATIONS JUN 2018 (BY VALUE) Commercial asset type breakdown

Office geographical breakdown - €6.4bn

Logistic/Wholesale/Other geographical breakdown - €1.2bn

Hotel geographical breakdown - €2.8bn

Retail geographical breakdown - €0.9bn

22 BEST IN CLASS BERLIN PORTFOLIO

90% of the commercial portfolio is located in top tier neighborhoods • Charlottenburg, Wilmersdorf, Mitte, Kreuzberg, Lichtenberg, Schöneberg, Neukölln, Steglitz and Potsdam • strongly benefiting from the unique dynamics and growth of Berlin’s most in demand neighborhoods, business areas and tourist centres

10% of the commercial portfolio is well located primarily in Spandau, Reinickendorf, Hellersdorf/Marzahn and Treptow/Köpenick

Commercial properties Residential properties 23 * map representing approx. 95% of the portfolio and 99% including central Potsdam Berlin Potsdamer Platz: The prime commercial and tourist center

Potsdamer Platz Office Potsdamer Platz Office Crowne Plaza Potsdamer Platz Potsdamer Platz Checkpoint Charlie Hotel Office Potsdamer Platz Office Office Hilton Gendarmenmarkt Hotel

Gendarmenmarkt Berlin landmark Quality Berlin assets around Kurfürstendamm (Ku’Damm) property

Moxy by Marriot Berlin Mitte (Gesundbrunnen) Berlin City Center Mitte Hotel Retail/Office AC Hotel by Marriot Berlin Mitte Potsdamer Platz (Gesundbrunnen) Hotel

Berlin Center Berlin City Center Mitte Charlottenburg Office Campus Office Berlin Tiergarten KuDamm Hotel Office Berlin Center Charlottenburg Residential (GCP) KuDamm KaDeWe Kurfürstendamm Residential (GCP) (Ku’Damm) Ku’Damm Mark Apart Ku’damm /Uhlandstr. Ku’damm – Adenauerplatz Hotel Office Residential (GCP)

Ku’damm / Lietzenburger Str. Residential (GCP) Ku’damm – Adenauerplatz Office Frankfurt Quality Frankfurt assets in central locations

InterContinental Frankfurt Hotel

Frankfurt Office Campus Frankfurt HBF Offices Offices

Frankfurt Frankfurt Deutsche Bahn Hauptbahnhof Office (Central Train Station) Frankfurt Frankfurt Büro Center (FBC) Office

landmark

property DEFENSIVE PORTFOLIO WITH STRONG TENANT STRUCTURE

- Limited dependency on single tenants due to large tenant base of over 2,800 tenants - Top 10 tenants represent less than 20% of rent - Long lease terms - Portfolio WALT as of June 2018:

Office Hotel Retail Logistics/Whole Total sale/Other

4.5 years 15.9 years 4.7 years 7 years 7.4 years

27 HIGHLY PERFORMING HOTEL ASSETS

Well diversified portfolio of approx. 100 hotels totaling €2.8 bn and 969k sqm as of Hotels by category (Jun 2018 by value) June 2018

High proportion (81%) in 4 star hotels, meeting the rising market demand from tourism and business travel

Long-term and fixed leases to third party hotel operators

Hotels franchised with various strong brands and a large scale of categories which provides high flexibility for the branding of its assets

28 STRATEGIC TOP TIER HOTELS IN STRONG LOCATIONS

• Hilton Berlin Gendarmenmarkt Prime Center (601 rooms) • InterContinental Frankfurt Prime Center (473 Rooms) • Hilton London Hyde Park Prime Center (132 rooms) • Crowne Plaza Berlin Prime Center Potsdamer Platz (256 Rooms) • Marriott/Moxy Berlin Mitte (231 Rooms) • ex-Sheraton Brussels Prime Center (533 Rooms) • Sheraton Rome (640 Rooms) • Hilton London Chelsea (172 rooms) • Hilton Edinburgh Royal Mall Prime Center (211 rooms) • Hilton Dublin Liffey Quays (324 rooms) • Crowne Plaza Düsseldorf/Neuss (246 Rooms) • DoubleTree by Hilton London Center Angel/King’s-Cross (373 Rooms) • Holiday Inn Dresden Prime Center (144 Rooms) • Crowne Plaza Frankfurt Congress Hotel (396 rooms) • Wyndham Garden Düsseldorf Prime Center Königsallee (82 Rooms) • Mark Apart Berlin Prime Center Ku’damm (120 Rooms) • Schlosshotel Grunewald Charlottenburg Berlin (54 Rooms) • Radison Blu Prime Center Baden-Baden (162 Rooms) • Mercure/Ibis Munich Conference Center Messe (304 Rooms) 29 COMMERCIAL INVESTMENT PROPERTIES

Portfolio breakdown asset type*

Investment properties Area EPRA vacancy Annualized net rent In-place rent per sqm Value per sqm Rental yield (in €M) (in 000' sqm) (in €M) (in €) (in €)

Office 6,371 2,726 11.0% 324 10.8 2,338 5.1% Hotel 2,796 969 5.4% 136 13.3 2,885 4.9% Retail 877 448 9.2% 56 10.6 1,957 6.4% Logistics/Wholesale/Other 1,177 1,377 5.3% 71 4.5 855 6.0% Land for development & other rights 663 Total June 2018 11,884 5,520 8.9% 587 9.5 2,033 5.2%

Portfolio breakdown per region*

Investment properties Area EPRA vacancy Annualized net rent In-place rent per sqm Value per sqm Rental yield (in €M) (in 000' sqm) (in €M) (in €) (in €)

Berlin 2,330 805 6.9% 92 10.2 2,894 3.9% Frankfurt 1,428 508 16.1% 57 11.3 2,810 4.0% Munich 766 262 7.6% 34 10.8 2,926 4.4% NRW 1,309 952 9.5% 82 7.3 1,376 6.3% 447 258 5.4% 25 8.6 1,732 5.5% London 459 68 13.0% 19 29.9 6,777 4.2% 437 137 6.6% 23 14.0 3,179 5.2% Hannover 372 258 6.0% 22 7.5 1,439 5.9% Wiesbaden/Mainz/Mannheim 357 168 5.6% 22 10.9 2,131 6.2% Stuttgart/BB 380 199 11.9% 21 10.8 1,912 5.5% Dresden/ 243 131 4.6% 13 8.9 1,856 5.6% Rotterdam 276 138 6.9% 22 13.3 2,003 7.8% Utrecht 286 135 8.4% 18 11.1 2,117 6.5% Other 2,131 1,501 8.5% 137 8.4 1,420 6.4% Land for development & other rights 663 Total June 2018 11,884 5,520 8.9% 587 9.5 2,033 5.2% 30

* figures exclude assets held for sale COMMERCIAL PORTFOLIO – POTENTIAL TO COME

Commercial June annualized net rental income vs. Commercial in-place rent compared to market rent prices market potential including vacancy reduction

Large upside potential for rent increase to market levels with very limited downside risk Net rental income like-for-like growth of 4.6% as of June 2018 (consisting of L-F-L in-place rent growth of 2.5% and L-F-L occupancy growth of 2.1%) Weighted average lease term (WALT) of commercial portfolio is 7.4 years as of June 2018

31 Cologne Mannheim London

Essen Berlin Bremen Hannover COMPANY OVERVIEW

Value add residential real estate, in Germany’s densely populated areas

Key financials – 1-6/2018 annualized Net Rental Income Adjusted EBITDA FFO I FFO I per share Dividend per share €1.20 FFO I x 65% €363m €273m €198m (Yield 5%2) €0.78 (3.3% div yield1) Key facts and figures Investment Number of Units Net Rentable Area EPRA Vacancy In-place rent properties employees €6.9bn 85k 5.45m sqm 7.5% 5.8 €/sqm ~900

Market cap Indices S&P/Moody’s rating EPRA awards

MDAX, FTSE EPRA/NAREIT, STOXX All Europe 800, GPR 250,  Gold for annual report 2016 and Most Improved Award €4.0 bn1 BBB+/Baa1  Gold for sustainability and Most Improved Award MSCI World IMI Core Real Estate,  Award 1st place Outstanding Contribution to Society DIMAX As of June 2018

EPRA NAV Net profit EPRA NAV Loan-to-Value including perpetual notes H1 2018 91st Percentile

€3.5bn €4.5bn €271m 35%

€21.2 per share €27.3 per share €1.43 per share 33 1) Based of €24 share price GCP – INVESTMENT PROPERTIES (JUN 2018)*

Quality real estate portfolio Regional distribution - Value Area EPRA Annualized In-place rent Number of Value Rental Total portfolio (in €M) (in k sqm) Vacancy net rent per sqm units per sqm yield June 2018 (in €M) (in €) (in €) NRW 1,873 1,832 7.9% 112 5.4 27,386 1,022 6.0% 100% Berlin 1,448 629 6.0% 53 7.4 8,100 2,301 3.7% of GCP’s Dresden/Leipzig/ 968 1,076 8.7% 58 5.0 18,537 900 6.0% Portfolio Mannheim/KL/Frankfurt/Mainz 348 251 5.0% 19 6.6 4,146 1,388 5.6% Nuremberg/Fürth/Munich 205 102 4.7% 10 7.8 1,471 2,011 4.7% Bremen/Hamburg/Hannover 477 365 4.3% 26 6.1 5,460 1,305 5.4% London 156 25 34.9% 4 27.1 393 6,245 2.8% Others 1,044 1,168 7.0% 71 5.6 19,658 894 6.8% Development rights and new 338 buildings* Total 6,857 5,448 7.5% 353 5.8 85,151 1,197 5.4%

Best in Class Berlin Portfolio 23% of GCP’s Portfolio Largest European metropolitan area Quality east portfolio Quality North portfolio Well distributed within NRW Dresden/Leipzig/Halle Bremen/Hamburg/Hannover

27% 15% 7% of GCP’s of GCP’s of GCP’s Portfolio Portfolio Portfolio

2/3 of the Berlin portfolio is located in top tier neighborhoods: Charlottenburg, Wilmersdorf, Mitte, Kreuzberg, Lichtenberg, Schöneberg, Neukölln, Steglitz and Potsdam.

1/3 is in affordable locations located primarily in Reinickendorf, Treptow, Köpenick and Marzahn- 34 Hellersdorf. * all breakdowns are by values RESIDENTIAL PORTFOLIO - POTENTIAL TO COME

Residential annualized Rental Income vs. Residential in-place rent compared to market rent prices Market Potential including vacancy reduction

Large upside potential for rent increase to market levels with very limited downside risk

In-place rent like-for-like growth of 2.7% and occupancy like-for-like growth of 0.5%, for a total net rental income like-for-like increase of 3.2% as of June 2018

6% of the portfolio’s units are subject to rent restriction due to subsidization

Average residential tenancy length of 10 years

35

Cologne Leipzig Berlin GCP - KEY FINANCIALS (1) Net Rent (in € millions) Adj. EBITDA (in € millions)

FFO I (in € millions) FFO I per share (in €)

AFFO & FFO II (in € millions)

Berlin 36 Nuremberg GCP - KEY FINANCIALS (2) Investment Property value (in € ’000) Total equity (in € millions)

Net Profit (in € millions)

Nuremberg

* adjusted for one-time costs

37 KEY FINANCIALS (4) EPRA NAV (in € millions)

Munich EPRA NAV per share (in €) EPRA NAV incl. perpetual notes per share (in €)

EPRA NAV Number of shares NAV EPRA NAV EPRA NNNAV in €m unless otherwise indicated including perpetual notes (in 000’) Jun 2018 3,851 3,496 4,503 3,404 Jun 2018 per share (in €) €23.3 €21.2 €27.3 €20.6 165,040 Per share growth +4% +5% +13% +6% Dec 2017 3,692 3,327 3,993 3,207 165,004 Dec 2017 per share (in €) €22.4 €20.2 €24.2 €19.4 38 GCP – TOP CLASS FINANCIAL RATIOS

BBB+ by S&P Unencumbered assets 65% LTV 35% by Moody’s Baa1 €4.6 bn of assets Well below board limit of 45% with a long-term target to reach A- Well above policy of 50%

Average debt maturity Cost of Debt ICR 5.9x 8.3 years with no significant maturities 1.6% in the next years

39 DEBT SCHEDULE

Berlin Leipzig

Investment-grade rating by S&P of BBB+ (A-2 Short Term) and from Moody’s of Baa1 with a stable outlook. The ratings are supported by a strong financial profile which validates the success of the business model

GCP’s long maturity schedule enables the Company to fully focus on lifting its assets potentials, with no significant maturities in the near term

Over 50 separate bank loans – non recourse, non cross-collateral and non cross-default from over 20 different financial institutions

Healthy and conservative capital structure with a low cost of debt of 1.6%

Debt Maturity Schedule Loan-to-Value

40 GCP - DEBT STRUCTURE AND COVER RATIOS

Interest Coverage Ratio* & Debt Coverage Ratio* * (H1 2018) Unencumbered Assets*

* adjusted EBITDA / interest ** adjusted EBITDA / (interest + loan amortization), aka fixed charge coverage ratio * calculated as the ratio of the unencumbered assets to the total value of investments properties

GCP financial policy Hedging structure Strive to achieve A- global rating in the long term

LTV limit at 45% Debt to debt plus equity ratio at 45% (or lower) on a sustainable basis

Maintaining conservative financial ratios with a strong ICR

Unencumbered assets above 50% of total assets

Long debt maturity profile

Good mix of long term unsecured bonds & non-recourse bank loans Maintaining credit lines from several which are not subject to Material Adverse Effect 41 Dividend of 65% of FFO I per share Berlin Baden Baden Amsterdam

Munich Hamburg

APPENDIX

Utrecht Potsdam Dresden

42 EQUITY ANALYST RESEARCH COVERAGE

Analyst Research Target Price

Key Index inclusions: . MDAX . FTSE EPRA/NAREIT . Global Developed . Europe Developed . Eurozone . Germany . Stoxx Europe 600

. GPR 250 43 . DIMAX AROUNDTOWN‘S SHARE PRICE PERFORMANCE Share performance and total return since initial placement of capital (13.7.2015) Aroundtown is the best performer in 2017 amongst all European real Estate

The share

Frankfurt Placement (Prime Standard)

Incorporation Luxembourg Shareholder structure Share issue price development

13.07.2015 First equity issuance (€3.2 per share)

Number of shares (basic) 1,077,355,754

Number of shares incl. dilution effect of Series B 1,086,449,247 (conversion price of €3.17)

Number of shares fully diluted 1,122,328,138 (Series C conversion price €5.33)

Free float 65%

Free float including conversion of 65.2% Series B

Fully diluted free float 66%

Symbol (Xetra) AT1 44 €8.2 bn Market cap 30.08.2018 (€7.6 share price) AROUNDTOWN’S BOND PERFORMANCE Convertible bond Series C performance since placement (15.12.2015)

Spread over mid-€-swap for straight bonds A and D, remaining 4 years

45 AROUNDTOWN’S STRONG ACCESS TO CAPITAL MARKETS: APPROX. €11 BILLION RAISED IN 29 ISSUANCES SINCE APRIL 2015

Jul-18 AT issuance of Series Q, 2027 GBP 400 million straight bonds under EMTN programme Equity and bond AT issuance of Series P, 2025 AUD 250 million straight bonds, full currency hedge to EUR, effective € coupon of 1.6% p.a. until 2023 May-18 bookrunners Apr-18

Mar-18

Jan-18

Jan-18

Jan-18

Jan-18

Nov-17

Oct-17

Oct-17

Sep-17

Jul-17

Jun-17

May-17

Apr-17

Mar-17

Mar-17

Jan-17

Jan-17

Dec-16

Nov-16

Oct-16

Jul-16

Apr-16

Apr-16

Dec-15

July-15 46 Apr-15 GCP’S STRONG ACCESS TO CAPITAL MARKETS: €5.5 BILLION RAISED IN 27 ISSUANCES SINCE JULY 2012

Jun-18 Issuance of Series M, 2033 straight bonds of €55m under the EMTN, coupon of 1.7% p.a. till 2023

May-18 Issuance of Series L, 20-year straight bonds of JPY 7.5bn (€57m) due 2038 under the EMTN, currency hedge, coupon of 1.4% p.a.

Apr-18 Issuance of €350 million perpetual notes, coupon of 2.5% p.a.

Feb-18 Tap issuance of Series H, 2032 straight bonds of €145m to an aggregate nominal amount of €255m Issuance of Series K, 2026 straight bonds of CHF 125m under the EMTN, currency hedge, coupon of 0.96% p.a. Feb-18 Feb-18 Issuance of Series J, 2027 straight bonds of €500m under the EMTN, coupon of 1.5% p.a.

Feb-18 Issuance of Series I, 2028 straight bonds of HKD 900m under the EMTN, currency hedge, effective € coupon of 1% p.a. until 2023

Oct-17 Issuance of Series H, 2032 straight bonds of €110m under the EMTN, coupon of 2% p.a

Jul-17 Issuance of Series G, 2026 straight bonds of €600m under the EMTN programme, coupon of 1.375% p.a. Established €1.5 billion Medium Term Note (EMTN) Programme Jul-17 Equity capital increase of €198 million at €18 per share Munich Jun-17 Issuance of €200 million perpetual notes, coupon of 2.75% p.a. Sep-16 Issuance of Series F, 2022 convertible bonds of €450m, coupon of 0.25% p.a, conversion price of €25.54 Feb-16 Completion of the conversion of Series C convertible bonds (€275m) Jan-16 Tap issuance of €150m of 10 year straight bond to an aggregate nominal amount of €550m Sep-15 Equity capital increase of €151m at €15.9 per share Sep-15 Tap issuance of perpetual notes of additional €100m Jul-15

Apr-15 Issuance of Series E, 10-year straight bond of €400m with a coupon of 1.5% p.a.

Mar-15 Tap issuance of perpetual notes of additional €250m Feb-15 Issuance of €150m perpetual notes, coupon 3.75%

Oct-14 Redemption of straight bonds with nominal amount of €350m. Issuance of 7-year straight bond of €500m with a coupon of 2% p.a. Tap issuance of convertible bonds with gross proceeds of €140m Jun-14 Frankfurt am Main Tap issuance of existing straight bonds with gross proceeds of €160m Apr-14 Issuance of Series C, 5-year convertible bonds of €150m and a coupon of 1.50% p.a Feb-14 Equity capital increase of €176m at €6.5 per share Dec-13 Full conversion of €100m Series A convertible bonds into equity Oct-13 Issuance of Series B, 7-year straight bonds of €200m with a coupon of 6.25% p.a. Jul-13 Equity capital increase of €36m at €4.5 per share Feb-13 Dortmund Issuance of Series A, 5-year convertible bonds of €100m with a coupon of 8% p.a. 47 Oct-12 Equity capital increase of €15m at €2.8 per share Jul-12 AROUNDTOWN GROUP – BANKING FINANCING SOURCES & CREDIT LINES

GCP Revolving Credit Facilities

GCP signed strong corporate credit lines with international banking leaders approx. €100 million. The facilities do not have a Material Adverse Change (MAC) clause 48 AROUNDTOWN BOND COVENANTS

1 ECB eligibility: All bonds issued under the EMTN programme (Listed in the EU) as well as Series E and F

2 The bonds are unsecured and have the below covenant package

Overview of Covenant Package Convertible Bond C 2021, Bond D 2022, Bond F 2023 and EMTN Covenant Type Bond E 2024 programme 1 Limitation on Debt   Total Debt / Total Assets <=50%(1) <=60%(1) 2 Limitation on Secured Debt   Secured Debt / Total Assets <=45%(2) <=45%(2) 3 Maintenance of Unencumbered Assets   Unencumbered Assets/Unsecured Debt >= 125%(3) >= 125%(3) 4 Maintenance of Coverage Ratio   Adjusted EBITDA / Net Cash Interest >=1.5x >=1.8x 5 Change of Control Protection   6 No cash distribution restriction from subsidiary level  7 CB Anti-Dilution Protection  8 CB Dividend Protection  9 CB Protection on Equity Sale of Subsidiaries Minimum holding rate on subsidiaries; and Funds to be reinvested in case of sale; and Notes: 1) Total Net Debt / Total Net Assets AT is restricted in dividend distribution in 2) Secured Net Debt / Total Assets 3) Net Unencumbered Assets / Net Unsecured Indebtedness case of sale 49 Amsterdam

50 Case Study: Frankfurt Main Center (Mainzer Landstraße) The 40-story property is an office standing 140m tall, located in Frankfurt’s prime central business district. The office center comprises 43k lettable sqm and over 500 parking spaces. The surrounding area is characterized by various office buildings of large DAX corporations such as . Frankfurt’s main train station and a subway station are in short walking distance. Property at acquisition The property was acquired in 2016 from a fund selling its assets out a restructuring situation. Prior to acquisition the property was operationally underperforming and mismanaged, resulting in a under- rented property, vacancy was at 50% with a short WALT and a high dependency on a large tenant, who has already decided to move to another building.

Repositioning the asset Prior to acquisition the management has determined a detailed business plan which enabled to reposition the property within short time and create value. Thorough analysis and deep knowledge of demand and supply in the location, together with a wide letting network, resulted in signing a lease with the Bundesbank until 2028 with extension options at discount to current market rent but at 25% above current actual rents. The recent tenants, mainly a large law firm, will move out around 2019/2020, while for the other tenants we have kept the option open to relocate them to one of our other Frankfurt properties.

Based on our market research we saw a higher repositioning potential and waited until we could lift the asset’s full potential. The result was a long-term lease with a top tier tenant, which is the best possible in Germany.

After the successful repositioning, Aroundtown is currently discussing additional building rights on the plot, which will be pre-leased based on the large demand for this asset.

Vacancy improvement WALT improvement (in years) market rents Value uplift of +25% over 100%

under-rented 51 Case Study: Stuttgart Office The 14k sqm office property is a modern building consisting of 6 floors and consists of four parts. The property is located in Stuttgart’s Vaihingen district, south of the city center, where Stuttgart’s university and regional government are located. The property is located next to the train station, S and U-bahn and benefits from easy and fast access to the city center. The area is home to offices of large German companies such as , Dekra, Daimler and more. Property at acquisition The property was acquired in 2017 after the main tenant (>80% of lettable space at the time) had vacated the property, leaving it almost fully vacant. Repositioning & Improvements Aroundtown was able to immediately let the vacated space to a large, investment-grade tenant (rated AA- by S&P) at rents over 15% higher than previously, who is in the electric cars industry, which is the ideal location due to the dense car manufacturer industry in the region. The tenant initially taking approx. half of the vacant space, later taking up another large portion, and finally taking up the last remaining vacant space at the property. Within a year of takeover, the property was fully occupied and the WALT Reversionary rent increased to over 4 years. potential: Result 20% The property is now fully occupied with annual net rent increased to almost €2 million, let primarily to a strong, multinational tenant, with a WALT of over 4 years. As such, Aroundtown was able to nearly double the value of the property, realizing a value increase Valuation gain of 75% of over 75%. The asset was rented below market rent due to heavy investment by the tenant, so there is still over 20% upside in reversionary rent potential.

Vacancy decrease Net Rent increase (in €m) WALT increase (in years)

52 Case Study: Frankfurt am Main Crowne Plaza Congress Hotel The congress and fair hotel has 14 meeting rooms, holds almost 400 rooms and suites, a summer terrace and underground parking. The hotel is located in the Frankfurt office district, right between the Frankfurt Airport and the city center. The property Frankfurt benefits from excellent accessibility, with close proximity to the main highway as well as the S-Bahn station. Property at acquisition The hotel was undermanaged, not positioned to fulfill its potential and lacked a real focus towards the market, and was acquired out of a debt restructuring situation. The former tenant lost focus and vision of the property which lead to the property being mispositioned in the market and lacked performance. Repositioning & Improvements When Aroundtown entered the deal, management saw that the hotel needed a certain “wake-up” and right management to reposition the hotel. Aroundtown saw the possibility to maximize the hotel’s potential with a new brand to position it strong within the MICE market (Meetings, Incentives, Conventions, and Events). After the lease of the former tenant expired, Aroundtown signed a new lease with a strong German tenant. We advised the tenants to use an international brand for this hotels as based on our market research and expertise in the hotel market we knew an international brand would reposition the hotel to extract its upside potential. Utilizing its wide network of international brands, Aroundtown was able to brand Crowne Plaza which maximizes the hotel’s potential as the brand is focused on the MICE market with a strong exposure to Anglo-speaking clientele (US & UK) – ideal fit for the Frankfurt business area. The majority of the capex investments to bring the hotel to branding standard is covered by the tenant, with Aroundtown covering a minimal part of the capex. Result The new lease was signed at 30% higher lease for a duration of 20 years, and provides CPI indexation protection for Aroundtown. The value increase since acquisition resulted in 138%. Net Rent increase (in € mn) WALT increase (in years) Re-branding with stronger hotel brand Valuation gain of 138%

53 Stuttgart Baden Baden

54 STRATEGY AND BUSINESS MODEL

Quality assets STRONG CASH FLOW, QUALITY with a focus on LOCATIONS IN TOP TIER CITIES, large EU cities GROWTH POTENTIAL primarily in REPOSITIONING AND Attractive Germany/NL Income generating acquisitions below portfolios with OPERATIONAL market & below value-add IMPROVEMENTS replacement costs potential Centrally located ACQUISITION AND portfolio in top TAKEOVER tier cities Healthy capital Asset structure with a repositioning,

strong & increasing cash DUE DILIGENCE Value Creation conservative flow, quality, financial profile Extracting new WALTs and value building rights on SOURCING AND TARGETING existing land & ACQUISITIONS buildings

Diversified and large base deal sources Acquisition criteria

Acquisition focus in central locations in top tier German/NL cities Institutional Receivers investors Value-add potential through operational improvements

Private Screening Cash flow generating assets Equity “cherry-pick” Banks best deals process Rent level per sqm below market level (under-rented properties)

Loan Distressed Purchase price below replacement cost and below market values funds owners Broker Potential to reduce the cost per sqm significantly through operational improvements network 55 INVESTMENT HIGHLIGHTS

1 Proven business model and successful track-record  Centrally located assets in the top cities of Germany and NL  Highly cash generative portfolio resulting from successful repositioning  Proven operational performance, increase rents and occupancy and extend leases  Significant upside potential with limited downside risk as properties possess under-utilized rent and occupancy  Synergies and economies of scale enable to increase profit margins and reduce operational costs 2 Low financial risk  Conservative financial profile in the real estate sector  Low LTV and high interest coverage ratio  Highest ratio of unencumbered assets (well above 50%)  Investment grade BBB+ which is the highest rated commercial real estate company in Germany 3 Strong pipeline  Substantial acquisition pipeline in advanced stage of discussion, market leader in German/Netherlands acquisitions  Capital appreciation opportunities through appropriate asset selection and acquisitions at attractive valuations  Incumbent preferred buyer status gives access to off-market transactions away from auction pressures 4 Structurally strong position with high barriers to entry  Investing and managing value-add opportunities in central locations in top tier cities of German/NL real estate  Proprietary in-house IT software systems tailor-made for the German real estate, fitted to the needs of property value creation

Aroundtown is a conservative investment opportunity with well located, strong cash flow generating, quality real estate assets in Germany/NL 56 FULL CONTROL OVER THE ENTIRE OPERATIONAL VALUE CHAIN

• signs off on finalized rent contracts • Rental and marketing responsibility • monitors performance Head of • Lease management Operations • Contract negotiations • WALT management • 24/7 tenant service • Capex analysis Legal • Performance monitoring incl. on site visits • Provides letting advice • Strategy planning for vacancy decrease • Pooling of know-how and synergies • Regional brokers have specific local market insight • Nationwide brokers have comprehensive network – ideal for Regional cross-selling Central Letting Team Asset Manager (AM) Broker on and off site service regional and constant on site service nationwide

• Tenants’ first go-to person for all property related concerns • Provides in-depth knowledge on Holistic asset management approach Property Manager every tenant Caretaker (PM) creates asset specialized team Localized asset and property management provides the tenant with one contact team and • Supports the AM in all relevant rental and tenant aspects builds strong tenant relationships • Executes local marketing measures • Direct on site contact for the tenant • Manages the caretakers to distribute responsibilities Collaboration with economic promotional • Reducing vacancy and offering promotional features (rent- bodies to enrol our vacant spaces which free time if tenant invests to refurbish the vacant space) serves as a hub to reach more potential tenants nation-wide 57 LEASE MANAGEMENT AS DRIVERS FOR GROWTH – ACHIEVING LONG-TERM GROWING CASH FLOWS

Localized one team touchpoint approach – building strong and long-term relationships with tenants. Teams become specialized with the individual asset, the tenants and the regional markets – proactively meeting tenants on a regular basis

Establishing and maintaining an open line of communication at all times – short reaction times to tenants’ concerns ensure short business interruption (24/7 availability)

Analysing tenant satisfaction levels and understanding their needs vs ongoing analysis of the teams performance

Ongoing WALT analysis and forming a strategy on a tenants basis – either sign an extension in advance or letting the contracts expire depending on factors such as demand factors, gap to market rent, tenant structure etc.

Hands on collection management – monthly collection reports on an asset level and a tenant basis solving problems before they develop

Smart Capex and conversion planning maximizing the potential of the asset with scrutiny on execution

Centralized in-house legal team support the AM with flexibility and fast reaction ability

58 Establishing and maintaining an open line of communication at all times MANAGEMENT Advisory Board Chairman of the Advisory Board. Dr. Cromme has a long and impressive track record with top positions in Germany’s blue chip companies, including Chairman of the Dr. Gerhard of Siemens, Chairman of the Executive Board and Chairman of the Supervisory Board of ThyssenKrupp, as well as membership on the supervisory boards Cromme of other leading companies such as Volkswagen, , , BNP Paribas, E.ON and Axel Springer and currently Co-Chairman of the Supervisory Board of ODDO BHF Group. In addition, Dr. Cromme holds the German distinction Commander's Cross of the Order of Merit and the French distinction Grand Officer of the Legion of Honor.

Yakir Gabay Advisory Board Deputy Chairman. Founder of the Group in 2004. Was previously the chairman & managing partner of an investment company which managed over $30 billion of assets, and before that the CEO of the investment banking of Bank Leumi. Mr. Gabay holds an MBA , BA in Accounting/Economics, and CPA.

Advisory Board Member. Joined the Group’s advisory board since 2013. Served as an Executive Director at BerlinHyp Bank specializing in real estate financing with a Claudio focus on international clients, as a Chief International Executive at Landesbank Berlin and as an International Division-Department Manager at Bayerische Vereinsbank Jarczyk Munich. Dipl.Kfm. / MBA at Munich University. CEO and CFO

Shmuel CEO of Aroundtown. Since 2006 in the management of Aroundtown and its subsidiaries. Previously, was the CEO of a leading international investment Mayo . BA in Economics and Accounting, Law and CPA.

Andrew Deputy CEO of Aroundtown. Since 2014 in the management of Aroundtown and its subsidiaries. Former owner and CEO of a large German property Wallis management company. Previously he spent 10 years as an investment banker in the city of London for Merrill Lynch and JP Morgan. MBA and a CFA.

CFO of Aroundtown. Since 2008 in the management of Aroundtown and its subsidiaries. Previously, held a private practice of Certified Public Accountants Eyal Ben focused on infrastructure and real estate industries. Since 2008 in the management of Aroundtown. Mr. Ben David is a certified public accountant (CPA) and David holds an MBA. Director. Highly experienced with a track record of 30 years. Held various senior management positions, including, CEO of Germany & Central Eastern Frank Europe of GE Capital and Real Estate. MBA. Roseen

Oschrie Director. Since 2013 in the management of Aroundtown and its subsidiaries. International professional experience in banking, management consultancy and Massatschi corporate finance in Australia, UK and Germany. BA Honours in International Business.

Jelena Director. Since 2011 in the management of Aroundtown and its subsidiaries and has 20 year of experience in the real estate and the hotel business, Afxentiou specializing in finance and accounting.

Independent Director. Former senior banker with a focus on financing, private equity and real estate. Served as Head of Operations with Eurohypo AG and Markus Rheinhyp AG () and a Member of the Advisory Board and Investment Committee of Revetas Capital Advisors. Diploma in B.A. Leininger

Independent Director. Specialized in real estate debt advisory through his over 18 years of experience in among others National Director Debt Advisory at Markus JLL, Head of German commercial real estate lending at Deutsche Bank, Group Head of Debt Funding at CA Immo. Degree in real estate economics. Kreuter

Independent Director. Founder and managing partner at Froese Asset Management GmbH. Previous positions were Head of Asset Management at Cordea Dr. Axel Savills GmbH, founder and managing partner at IPAM GmbH, Head of European Real Estate Group -Germany- of the Bank of Scotland. He is an MRICS Froese member and holds a PhD. 59 Audit Committee – consists of the three independent directors Markus Leininger, Markus Kreuter and Axel Froese OPERATIONAL MANAGEMENT TEAM

Head of commercial operations. Before joining the Group he was a board member of Strabag AG and CEO of Raiffeisen evolution, responsible for project Markus development on 11 European countries with a development volume of more than €2bn. Mr. Neurauter holds a masters in economics from the university of Neurauter Innsbruck and covers more than 30 years of experience in real estate.

Head of Asset & Property Management. 20 years’ experience in the real estate industry. Before joining the Group, was a Managing Director of Fortress Nikolai Walter Investment Group, responsible for the asset management of the German commercial with a market value of € 5.6 bn. Prior to that, held positions at Deutsche Bank Group where his last role was Head of Asset Management Germany at Deutsche Asset and Wealth Management. MBA and degree in real estate economics. Head of Shopping Mall division. Before joining the group Mrs. Schmitt has been 12 Years with ECE - European market leader for Shopping Centers and Brigitte with DTZ where her Team was twice awarded the CEE Property Management Team of the Year Award. Degree in Business Management and Schmitt Administration - from the University of Würzburg.

Head of Management. Mr Kandl has 35 years‘ experience in the real estate and building industry. He worked in Strabag AG, one of Austria‘s Alfred Kandl leading building companies, and further worked in controlling positions at large construction sites all over Austria and Central and Eastern Europe. From 2003 worked as Head of Construction at Raiffeisen Evolution. Degree in engineering

Director Acquisitions. Mrs. Warner has over 12 years’ experience in the real estate industry in different countries with a focus on the investment sector. Carolin Warner Before joining Aroundtown, she worked for companies such as Engel&Völkers and Zinshausteam&Kenbo. Commercial training in real estate and IREBS graduate

Guido Pütz Senior Asset Manager. Originally trained at AG, Guido has spent the last 15 years steering real estate of all asset types for big players in the market such as Hudson Advisors, Cushman & Wakefield and Catella. MBA

Head of Industrial & Logistics Division. Originally trained as a banker, Norman spent two years in risk management before going into controlling, finance Norman and accounting as an asset manager. He gained his experience at Habacker Holding, Dawnay Day Property Investment and IKB Deutsche Industriebank. Lindner MBA

Head of Transaction Management. Jelena worked for Hudson Advisors and later at Dundee International as an Asset Manager. Coming from a property Jelena Ebner management background, Jelena has experience in all asset types. BA and training as Real Estate Manager

Christian Financial officer. Since 2008 in the management of Aroundtown and its subsidiaries. Is specialized in tax structuring, financial statement and cash flow Hupfer analysis. Mr. Hupfer worked for RöverBrönner KG Steuerberatungs und Wirtschaftsprüfungsgesellschaft in the Audit and Tax department. Mr. Hupfer has a Diploma of Economics with a focus on tax and financial auditing

Idan Kaplan Senior Financial Manager. Before joining Aroundtown, Mr. Kaplan served as an auditor in an accounting firm. He holds a BA in Accounting and Business Administration.

Sylvie Lagies Head of ESG. Held positions as Hotel General Manager, Corporate Project Manager and Head of Training and Development. Former roles were Head of Franchise Development and Training for Domino’s Pizza Germany, Director of Business Development for Precise Hotel Collection in Germany. 60 GCP - ANALYST COVERAGE

GCP‘s operations are followed by leading real estate market analysts, who conduct independent equity research and provide price targets

Analyst Research Target Price

Key Index inclusions: . MDAX . FTSE EPRA/NAREIT . Global Developed . Europe Developed . Eurozone . Germany . Stoxx All Europe 800 . GPR 250 61 . MSCI World IMI Core Real Estate GCP - OUTPERFORMING Share Price and Total Return Since First Equity Placement (19.7.2012) Most successful IPO in FSE in the last decade

Share price/conversion price throughout the Company’s issuances

Frankfurt Stock Exchange Placement (Prime Standard)

First equity 19.07.2012 issuance (€2.75 per share)

Number of shares 166,659,831

Number of shares Ownership structure 179,109,532 (fully diluted)

Symbol (Xetra) GYC

62 ESG MEASURES

Environmental Social Corporate Governance

• AT implements environment- • Tenant satisfaction is a top • Experienced and diverse friendly measures throughout priority and an essential part of management board its portfolio, with the goal of AT’s business strategy • Committees consisting mostly of reducing its carbon footprint • Partnering with local independent directors: Audit, Risk, • Gradually switching to energy organizations and initiatives Remuneration and Nomination sources from 100% renewable • Employee commitment through • Prudent control mechanisms as well energy development programs and as internal and external risk • Reducing energy consumption offerings management systems through tenant education and • Incorporating ESG-related risks and raising awareness considerations in the decision- making process

AT is committed to maintaining a high standard of corporate responsibility towards its stakeholders

63 GCP – MANAGEMENT Mr. Windfuhr is Grand City Properties’ CEO. Before joining Grand City Mr. Windfuhr served as CEO of Maritim Hotels, with 40 hotels in Christian Windfuhr Germany. Prior to this he served as CEO of Mövenpick. He achieved the financial turnaround of Mövenpick, drove international CEO expansion, publicly listed the company, and worked out a strategic partnership with Kingdom Holding (HRH Prince Alwaleed) and JP Morgan. Served as Director of TUI, Europe’s largest tour operator. He served high positions in Holiday Inn, Kempinski, & Southern Sun. Graduated at Cornell University.

Refael Zamir Mr. Zamir is Grand City’s CFO and Chairman of the Board. Mr. Zamir has over 10 years of international experience in finance and CFO - Director accounting. Before joining GCP at the beginning of 2013, Mr. Zamir served as a manager for Ernst & Young in the real-estate and financial institutions sectors. Mr. Zamir is a CPA and holds a BA and MBA in finance and business administration.

Ms. Runge-Brandner is an independent Director and member of the audit-, remuneration- and nomination committee. Her past positions Simone Runge-Brandner include Deal Manager (Director) at UBS Deutschland AG, Vice President Real Estate Finance/ Investment Funds, Credit Manager at Independent Director Dekabank Frankfurt and Credit Manager Real Estate Finance at Helaba Frankfurt. Ms. Runge-Brandner has a Diploma in International business administration.

Daniel Malkin Mr. Malkin is an independent Director and member of the audit-, remuneration- and nomination committee. Before joining Grand City, Independent Director he served as an Investment & fund Manager of fixed income investment funds at Excellence Investment Bank. Has a BA in Business Administration.

Sebastian Remmert Mr. Remmert has more than 15 years professional experience in the real estate industry. He covered positions ranging from asset COO management and project development to mortgage financing

Or Zohar Prior to GCP, Mr. Zohar worked as the head of business development in Mark Hotels GmbH and as a Managing Director in Bluebay Head of Acquisitions GmbH. Mr. Zohar holds a BSc and a MA in real estate and finance

Yakir Gabay Mr. Gabay is the chairman of the Advisory Board. Before GCP, Mr. Gabay was chairman & managing partner of an investment company Chairman of the Advisory which managed over $30 billion of assets, before that he was the CEO of the investment banking of Bank Leumi. Mr. Gabay holds a Board MBA and BA in Accounting/Economics, and is a CPA.

Andrew Wallis Vice chairman, Advisory Board Member. Mr. Wallis was owner and CEO of a large German property management company. Previously Advisory Board member he spent 10 years as an investment banker in the city of London for Merrill Lynch and JP Morgan. Mr. Wallis holds an MBA and a CFA.

Claudio Jarczyk Advisory Board member. Prior to GCP, Mr. Jarczyk served as an Executive Director at BerlinHyp Bank specializing in real estate Advisory Board member financing with a focus on international clients, as a Chief International Executive at Landesbank Berlin and as an International Division- Department Manager at Bayerische Vereinsbank Munich. Mr. Jarczyk holds a Dipl.Kfm. / MBA at Munich University. 64

Audit Committee Consists of the two independent directors Daniel Malkin and Simone Runge-Brandner ESG MEASURES: SOCIAL AND ENVIRONMENTAL 91st Percentile

Environmental and sustainability: Goal of continuously reducing the carbon footprint • Switching al properties to electricity from 100% renewable sources • All of GCP’s offices are supplied with energy from 100% renewable resources • Replacing heating systems and suppliers to focus on climate-neutral produced energy • Working with external providers to ensure efficient waste separation and management, optimizing recycling process • Creating awareness among our tenants through various language-independent handouts, posters and explanatory videos regarding energy and heating saving behavior and proper trash disposal • GCP continuously reviews its portfolio to identify potential energy-saving measures or reduction of CO2 emissions EPRA Award 1st place Social Responsibility Outstanding Contribution to Society • Neighborhood and community: Creation and maintenance of a comfortable community feeling is of high for outstanding service priority to Grand City. GCP organizes over 150 family-friendly tenant events such as summer and provided to its tenants holiday-related festivities, and supports local sports and educational associations and initiatives. • Modernization and accessibility measures: Installations of playgrounds, fitness trails etc; Elderly-friendly installations, such as , ramps, stair lifts and fitted bathrooms. • Employee commitment: supporting personal development within the organization through various programs of professional training. High employee retention rate, including among management.

65 EPRA Award 1st place ESG MEASURES: Outstanding Contribution to Society TENANT SATISFACTION for outstanding service provided to its tenants

Service Center • A dedicated and professional service team is available 24/7 for existing and prospective tenants, reachable through toll-free numbers, e-mail, and the recently launched GCP mobile app • GCP‘s Service Center is certified with two TÜV service quality certificates, and in March 2017 passed the demanding annual TÜV inspection • Ticketing system: tenant applications and requests are documented in detail to allow for an efficient follow-up on all stages of the request – setting up schedule for repairs, visiting master apartments, discussing timetables etc. A ticket is not closed until a request has been followed up to ensure tenant satisfaction

IT services • Operational excellence with tenant management software - top service to ensure tenant satisfaction and reduce termination • Tenant portal app for smartphones, enabling tenants to communicate with property management, and submit and monitor the status of service requests • Tenants are able to book and manage consultations with property management through the app

Best-in-class tenant service through professional, 24/7 availability 66 Hamburg

67 Hamburg REGIONAL MARKET OVERVIEW ► GDP growth1: 2.4% ► Migration balance2: 0.9% Bremen ► Population density3: 2,366 per km2 ► GDP growth1 : 5% ► Migration balance2: 0.9% ► Population density3: 1,709 per km2

Hannover ► GDP growth (NI) 1: 2.5% NRW ► Migration balance2: 1.4% ► GDP share 2017 : 21% of total national ► Population density3: 2,605 per km2 ► GDP growth1: 1.7% ► Migration balance2: 0.7% ► Population density3: 524 per km2

Berlin Amsterdam ► GDP growth1: 3.1% ► GDP growth: 3% ► Migration balance2: 1.2% ► Migration balance2: 2.6% ► Population density3: 3,948 per km2 ► Population density2: 5,111 per km2

Utrecht ► GDP growth: 2.3% ► Migration balance2: 0.8% Dresden/Leipzig/Halle 1 ► Population density2: 3,644per km2 ► GDP growth (SN) : 1.4% ► Migration balance2: 0.5%-1.4% ► Population density3: 1,656-1882 per km2

Rotterdam ► GDP growth: 2.3% Frankfurt ► Migration balance2: 1.5% ► GDP growth (HE) 1 : 2.3% ► Population density3: 2,943 per km2 ► Migration balance3: 1.5% ► Population density4: 2,951 per km2

Mannheim ► GDP growth (BW) 1 : 2.3% ► Migration balance2: 1.2% Nuremberg/Fuerth ► Population density3: 2,109 per km2 ► GDP growth (BA)1: 2.8% ► Migration balance2: 1.0% ► Population density3: 2,735 per km2 inhabitants per sqkm (2013)

Munich ► GDP growth (BA) 1 :2.8% ► Migration balance2: 1.1% ► Population density3: 4,668 per km2

1.GDP Growth: 2016-2017. Data from the respective federal state is used Stuttgart in case city data is not available ► GDP growth (BW) 1 : 1.9% 2. Migration balance: ► Migration balance2: 1.2% Average annual migration balance 2013-2015, domestic 68 ► Population density3: 3,008 per & foreign migration, for Netherlands 2007-2014 2 km 3. Population density: Residents per Sqk (2015/NL 2017) GERMANY – GROWING AND STRONG ECONOMY

German GDP Development (€ trillion) Debt/GDP 2016 Budget Surplus/Deficit 2017

Source: eurostat, forecast based on the European Commission, Winter 2018 forecast Source: Eurostat Source: eurostat Germany has a growing GDP paired with a strong budget discipline…

People in employment and unemployment rate Development of real wages (in €)

Source: destatis Source: destatis, industry and service sector excluding bonuses

… and a strong labour market, especially compared to the rest of the EU 69 GERMAN OFFICE MARKET LOW SUPPLY AND STRONG DEMAND… Office employment outpaces office space** Low addition of new office space** **In Top 7 +Regional 12 locations according to DG HYP: Hannover, Nuremberg, Essen, Leipzig, Dresden, Bremen, Karlsruhe, Münster, Mannheim, Darmstadt, Mainz and Augsburg

Continuously strong demand at low supply… …resulting in high office take-up rate although low vacancy...

Change from

Office space Office workers 70

Source: DG HYP German Real Estate Market report/ DG HYP Main Regional Real Estate Markets report GERMAN OFFICE MARKET …LEAD TO INCREASING RENTS AND OCCUPANCY

…reducing vacancy… …across Germany…

Vacancy rate

…putting upward pressure on rents… …driving office net initial yields down…

Office prime rent per €/sqm

Prime rents yoy in % (left) In €/sqm (right) 71

Source: DG HYP German Real Estate Market report/ DG HYP Main Regional Real Estate Markets report NETHERLANDS OFFICE MARKET …RESULTING FROM FAVOURABLE DEVELOPMENTS

Current trends show very favourable market developments…

Office Employment Office take-up 2015 -> 2016 4.6% 2016 -> 2017 0.3% Available Vacant space 17% Passing rents* 2016 – 2017 2016 – 2017 *Excl. incentives 2.7% Total Office Space 1.9% 2016 – 2017

The Netherlands’ office market provides further diversification opportunities. Furthermore, there is benefit from exposure to varied property markets that are less correlated and are at different stages of the cycle.

…especially in Amsterdam

Office Employment Office take-up 2015 -> 2016 4.1% 2016 -> 2017 3.4% Available Vacant space 31% Passing rents* 2016 – 2017 2016 – 2017 *Excl. incentives 8.8% Total Office Space 1.9% 2016 – 2017

72

Source: Cushman & Wakefield, The Netherlands, a national picture, January 2018 HOTEL MARKET OVERVIEW

Overnight stays across all hotel accommodation types in Germany RevPar development in Germany

Source: Smith Travel Research (STR) Hotel operational leases yields across Europe

Source: CBRE

73 MACRO FUNDAMENTALS SUPPORT GCP Population development Population density H1 Annualized growth in rent price index* 2017 (persons per sqkm)

Source: destatis

From 1991 to 2016 the amount of households increased by 16.2% Source: destatis

International and domestic immigration trends to cities also support House price index in real terms for Germany vs. US, UK, and France the stronger forecasted increase in the amount of households in cities, reflected in high rent and price increases mainly in German large cities German rental yields vs. German 10 year government bond yields

Source: OECD

Source: UBS Negative bond yields on one hand coupled with the prospect for With 10 years German bond yielding below 0.5% the German real estate market rising property prices makes the German Residential sector very represents a unique opportunity to generate attractive adjusted risk return attractive from a risk reward perspective 74 74 DISCLAIMER

IMPORTANT: This presentation has been provided for information purposes only and is being circulated on a confidential basis. This presentation shall be used only in accordance with applicable law, e.g. regarding national and international insider dealing rules, and must not be distributed, published or reproduced, in whole or in part, nor may its contents be disclosed by the recipient to any other person. Receipt of this presentation constitutes an express agreement to be bound by such confidentiality and the other terms set out herein. This presentation includes statements, estimates, opinions and projections with respect to anticipated future performance of the Group ("forward-looking statements"). All forward-looking statements contained in this document and all views expressed and all projections, forecasts or statements relating to expectations regarding future events or the possible future performance of Aroundtown SA or any corporation affiliated with Aroundtown SA (the “Group”) only represent the own assessments and interpretation by Grand City Properties S.A. of information available to it as of the date of this document. They have not been independently verified or assessed and may or may not prove to be correct. Any forward-looking statements may involve significant risks and uncertainties and should not be read as guarantees of future performance or results and will not necessarily be accurate indications of whether or not such results will be achieved. No representation is made or assurance given that such statements, views, projections or forecasts are correct or that they will be achieved as described. Tables and diagrams may include rounding effects. This presentation is intended to provide a general overview of the Group's business and does not purport to deal with all aspects and details regarding the Group. Accordingly, neither the Group nor any of its directors, officers, employees or advisers nor any other person makes any representation or warranty, express or implied, as to, and accordingly no reliance should be placed on, the accuracy or completeness of the information contained in the presentation or of the views given or implied. Neither the Group nor any of its directors, officers, employees or advisors nor any other person shall have any liability whatsoever for any errors or omissions or any loss howsoever arising, directly or indirectly, from any use of this information or its contents or otherwise arising in connection therewith. Aroundtown SA does not undertake any obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date of this presentation.

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